Bonso Electronics Reports Half Year Results
January 30 2014 - 7:30AM
Bonso Electronics International, Inc. (Nasdaq:BNSO) today reported
its financial results for the six-month period ended September 30,
2013.
Bonso reported a net loss for the six-month period ended
September 30, 2013 of $0.35 million or $0.07 basic and diluted loss
per share, as compared to a net income of $0.13 million or $0.02
basic and diluted earnings per share posted during the six-month
period ended September 30, 2012. Net sales for the six-month period
ended September 30, 2013 decreased 5.7% to $15.3 million from $16.3
million for the six-month period ended September 30, 2012.
Mr. Anthony So, President and CEO stated: "Our gross profit
margin continued to improve from 18.4% for the six month period
ended September 30, 2012 to 18.9% for the comparable period in
2013. The higher gross profit margin was a result of increase in
products of higher added value. We incurred increase in salary and
related expenses for the six months ended September 30, 2013
compared to the same period in 2012 due to increased severance
payment for laying off employees of our old Shenzhen factory as a
result of Labor Law in China established in year 2008. Based on the
orders received, we expect the demand for our products will
increase in the second half of the fiscal year ending March 31,
2014."
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and
markets a comprehensive line of electronic scales, weighing
instruments, and health care products. Bonso products are
manufactured in the People's Republic of China for customers
primarily located in North America and Europe. Company services
include product design and prototyping, production tooling,
procurement of components, total quality management, and
just-in-time delivery. Bonso also independently designs and
develops electronic products for private label markets. For further
information, visit the company's web site at
http://www.bonso.com.
This news release includes forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities and Exchange Act of 1934, as
amended. Forward looking statements may be identified by such words
or phrases as "should," "intends," "is subject to," "expects,"
"will," "continue," "anticipate," "estimated," "projected," "may,"
"I or we believe," "future prospects," or similar expressions.
Forward-looking statements made in this press release, which relate
to the the demand for our products, among other things, involve
known and unknown risks and uncertainties that may cause the actual
results to differ materially from those expected and stated in this
announcement. We undertake no obligation to update
"forward-looking" statements.
Consolidated Balance
Sheets |
(Expressed in United
States Dollars) |
|
|
|
|
September 30 |
March 31 |
|
2013 |
2013 |
|
$ in thousands |
$ in thousands |
|
(unaudited) |
(Audited) |
Assets |
|
|
|
|
|
Current assets |
|
|
Cash and cash equivalents |
1,858 |
2,154 |
Trade receivables, net |
2,120 |
2,759 |
Inventories |
4,299 |
5,460 |
Income tax recoverable |
2,301 |
2,436 |
Other receivables, deposits and
prepayments |
1,031 |
1,425 |
Total current assets |
11,609 |
14,234 |
|
|
|
Brand name and other intangible
assets, net |
4,512 |
4,590 |
Property, plant and equipment,
net |
8,405 |
8,299 |
Total assets |
24,526 |
27,123 |
Liabilities and stockholders'
equity |
|
|
|
|
|
Current liabilities |
|
|
Bank overdrafts - secured |
180 |
180 |
Notes payable |
1,982 |
2,276 |
Accounts payable |
6,857 |
7,793 |
Accrued charges and deposits |
1,969 |
2,329 |
Income tax liabilities |
37 |
7 |
Short-term bank loans |
1,025 |
1,357 |
Total current liabilities |
12,050 |
13,942 |
|
|
|
Income tax liabilities |
2,595 |
2,595 |
Deferred income tax
liabilities |
-- |
-- |
|
|
|
Stockholders' equity |
|
|
Common stock par value $0.003 per
share |
|
|
- authorized shares - 23,333,334 |
|
|
- issued shares: Sep 30, 2013 and Mar 31,
2013 - 5,577,639, outstanding shares: Sep 30, 2013 and Mar 31, 2013
– 5,246,903 shares |
17 |
17 |
Additional paid-in capital |
21,765 |
21,765 |
Treasury stock at cost: Sep 30, 2013 and
Mar 31, 2013 - 330,736 shares |
(1,462) |
(1,462) |
Accumulated deficit |
(12,944) |
(12,588) |
Accumulated other comprehensive
income |
2,505 |
2,854 |
|
9,881 |
10,586 |
|
|
|
Total liabilities and stockholders'
equity |
24,526 |
27,123 |
|
|
|
Consolidated Statements
of Operations and Comprehensive Loss |
(Expressed in United
States Dollars) |
|
|
Six months ended September 30, 2013 |
Six months ended September 30, 2012 |
|
$ in thousands |
$ in thousands |
|
(unaudited) |
(unaudited) |
|
|
|
Net sales |
15,374 |
16,276 |
Cost of sales |
(12,464) |
(13,274) |
Gross profit |
2,910 |
3,002 |
|
|
|
Selling expenses |
(190) |
(347) |
Salaries and related costs |
(1,477) |
(1,078) |
Research and development expenses |
(204) |
(279) |
Administration and general expenses |
(1,147) |
(1,165) |
Income / (loss) from operations |
(108) |
133 |
Interest income |
1 |
3 |
Interest expenses |
(43) |
(33) |
Foreign exchange loss |
(222) |
(22) |
Other income |
16 |
45 |
Net income / (loss) |
(356) |
126 |
|
|
|
Other comprehensive income, net of tax: |
|
|
Foreign currency translation adjustments,
net of tax |
(349) |
(100) |
Comprehensive income / (loss) |
(705) |
26 |
Earnings / (loss) per share |
|
|
|
|
|
Weighted average number of shares
outstanding |
5,246,903 |
5,246,903 |
|
|
|
Earnings per share ( in U.S.Dollars per
share) |
|
|
- basic and diluted |
(0.07) |
0.02 |
The diluted net loss per share was the same as the basic net
loss per share for the six-month periods ended September 30, 2013
and September 30, 2012 as all potential ordinary shares including
the stock options and warrants are anti-dilutive and are therefore
excluded from the computation of diluted net loss per share.
CONTACT: Albert So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
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